Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 18234 reveal a market in motion, characterized by the Federal Market Rent (FMR) set at $1090 for fiscal year 2024. This figure serves as a benchmark for rental prices in the area, indicating the minimum acceptable rent for Section 8 vouchers. Although the exact market rent is currently unavailable, the high proportion of renters—comprising 42.3% of the population—suggests a significant long-term housing pressure. This percentage implies that a considerable segment of the community relies on rental properties rather than owning homes, which can be indicative of either affordability constraints or lifestyle preferences that favor renting.
The absence of data regarding the percentage of price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, given the reliance on rental properties as evidenced by the 42.3% renter share, it is reasonable to infer that there may be a sustained demand for rental units. Landlords and small-portfolio investors should take note of this trend, as it suggests a steady clientele for rental properties, assuming they meet the criteria set by the FMR.
The lack of median home value data further complicates the analysis but does not detract from the importance of understanding the rental market's role in the overall housing landscape of ZIP 18234. The rental market appears to be a critical component, serving a substantial portion of the local population. This reliance on rentals can create an ongoing demand for well-maintained, affordable housing options, which landlords can capitalize on by ensuring their properties align with the FMR and cater to the needs of potential tenants.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.